INTERVIEW QUESTIONS LOAN CAR / BIKE / 2 WHEELER LOAN DETAILS

Question: How much down payment is generally the norm when opting for a used car loan?

Answer: The down payment for used car loans is usually fixed at 15% of the assessed value of the car as a bare minimum. Depending on the estimated price, the bank decides on the amount of loan. Usually a loan amount of 80% of the on road price of the car as estimated by the expert is approved. Banks and NBFC's deduct a margin money amount for registration, insurance and accessories while assessing the final on road estimated price of the used car.

The down payment for used car loans is usually fixed at 15% of the assessed value of the car as a bare minimum. Depending on the estimated price, the bank decides on the amount of loan. Usually a loan amount of 80% of the on road price of the car as estimated by the expert is approved. Banks and NBFC's deduct a margin money amount for registration, insurance and accessories while assessing the final on road estimated price of the used car. Source: CoolInterview.com

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